Steel production surges to 69 mn tonnes, consumption rises 4% in April-Nov

India's production of finished steel from April to November rose by 5.1 per cent to 69.604 million tonnes while consumption grew by 4.2 per cent to 56.788 million tonnes during the period, a Steel Ministry report said.

"Production of finished steel at 69.604 million tonnes registered a growth of 5.1 per cent during April-November 2017 over the same period last year. India's consumption of total finished steel saw a growth of 4.2 per cent in April-November 2017 (to 56.788 million tonnes) over the same period last year, under the influence of rising production for sale and imports," the Ministry's Joint Parliamentary Committee (JPC) report said.

SAIL, Rashtriya Ispat Nigam Ltd, TSL, Essar, JSW Steel Ltd and Jindal Steel and Power Limited together produced 40.224 million tonnes of finished steel for sale during the first eight months of the current fiscal, which was a growth of nine per cent over the same period last year.

The report said overall production for sale of total finished steel at 8.342 million tonnes in November only was down by 9.7 per ent over October 2017 but grew by 6.4 per cent over the corresponding month last year.

"During April-November 2017, crude steel production was 66.70 million tonnes, a growth of 4.5 per cent over same period last year, the report said.

According to it, the consumption at 6.412 million tonnes in the last month (November) was up by 1.9 per cent over same month last financial year.

However, India's import of total finished steel at 5.534 million tonnes in April-November was up by 16.9 per cent over the same period last year and imports in November only was at 0.614 million tonnes, up by 2.5 per cent over te year-ago month.

The report said India's total finished steel exports grew by 57.1 per cent to 6.639 million tonnes in the first eight months of the current fiscal compared with same period last year.

"Overall exports in November 2017, at 1.012 million tonnes, was up by 29.9 per cent over October 2017 and up by 53.6 per cent over November 2016," it added.